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going to happen next week? >> we only have ten dates to fix this fiscal cliff because congress officially leaves a week from friday. they only work until a week from friday so the market will start to get nervous that we don't have an agreement of we don't get it by next week so i expect to see volatility creep back into this otherwise selling market towards the middle of next week because we all know negotiating styles are such that you won't get a resolution to the last minute. markets are going to shoot one warning shot across the bout of congress and the president before all is said and done. liz: if you stretch this out a year this is unbelievably low so sure you are not saying traae the vix or by edfs that involved in the vix. what is the smart money doing right now? >> it is looking at two trade. if you want to own stocks and an end of the year protectors of that buying chief put options anticipating a pickup in volatility and not having to ride the volatility in your portfolio. the second strategy is to buy some cheap call options. as we go to the end of the year everyb
's governors today on urgent talks to avoid that fiscal cliff. republicans and democrats in congress appeared no closer to a compromise. here's abc's tahman bradley. >> reporter: congressional republicans' counterproposal was dead on arrival. the white house quickly rejected the $2.2 trillion deficit reduction plan, that would raise $800 billion in tax revenue over the next decade. but the plan calls for raising the revenue without raising tax rates on top income earners, something the white house views as unacceptable. during a photo op, the president avoided questions about the gop plan. >> no deal better than a bad deal, sir? >> reporter: a senior white house official called the proposal a step backwards. saying if republicans do not agree to some higher tax rates for the wealthy, the nation will go over the fiscal cliff, and the american people will hold them responsible. democrats also take issue with the proposal's spending cuts to medicare and social security. republican counter that tough cuts are needed to tackle the soaring debt, leaving washington locked in a stalemate, less than a
this final month of 2012 is the fiscal cliff. analysts say if congress and the white house don't quickly resolve the budget crisis consumers could tighten their belts, throwing a speed bump into what has been an otherwise blockbuster year. diane eastabrook, "n.b.r.," chicago. >> susie: meanwhile, ford is going all out to rev up its upscale lincoln brand. the company is re-naming the division, "the lincoln motor company". it's not a separate company, but a separate brand from ford's mainstream models. at an event in new york city's lincoln center, ford introduced the new lincoln mkz sedan, one of four luxury, and fuel efficient models coming out over the next four years. >> no oneffers a car that's more fuel he fishant than the this hybrid no one offers a vehicle with the kind of craftsmanship and beautifully skimp find interior that we val. and when you drive it, it's going to be as fun to drive as a bmw but as quiet and comfortable at a lexus. >> susie: this is ford's latest campaign to stage a comeback for lincoln. when i talked to the c.e.o. alan mall ally i asked him if this is his l
tumbling off the fiscal cliff. 22 occupation members of congress came in second to last just ahead of car sales people. 8% of the people polled gave car dwreerls a high rating for standards. members of congress received highest parks from just 10% of the surveyed. senators did a bit better. governors ranked 15th. nurses most trusted professionals followed by pharmacists and doctor autos california legislature welcomed it's largest batch of freshman lawmakers. 39 new legislateors sworn in at the state capitol today. joining a session. democrats have a super majority for the first time since 1883 in this state, holding 29 of 40 seats. john perez promised to reach out to republican minority. >> i want to state your krois vois is welcome, contributions desired and active services needed. >> early focus will be on a special session called next month to debate implementing the president's affordable health care achblgt san francisco and peninsula remembering a passionate public servant, mike nevin died of cancer after 27 years as a police inspector he entered local politics in san mateo county
. they want to urge president obama to work with congress on a solution to the fiscal cliff. in the afternoon, the same group of governors will meet with john boehner. california governor jerry brown is not among the group. >>> 7:15. the owner of the drake's bay oyster company is plotting a legal response to the federal decision to shut down his operation. he said he will not give up. the operating permit expired last month at the national seashore. the company was told it will have to leave within 90 days and that area will return to wilderness. >>> oakland's largest pot club gets a key victory in court. a judge ruled that harborside medical center cannot be ejected and they cannot kick them out because it is not breaking state law. now, the landlord will decide again in federal court on december 20th. she wants them out because a federal prosecutor is threatening to seize the property. >>> southern california leaders are demanding that the county be reimbursed for more than $12,000. "the san jose mercury news" show that he used a tax-funded credit card to pay for casino stays, rental car up
about it. we have concerns of other social safety net as our congress is on the fiscal cliff and we're all bracing for hopefully good things to happen, as they've been happening in our world class city. so, i want to again thank salvation army for helping us be the world class city that we are, giving ourselves the world class heart that we always have. so, happy thanksgiving, everybody, and let's get to these nude turkeys. [laughter] (applause) >> thank you very much, mr. mayor. and thank you so much for being here. you can carve while i do some more talking here. if you'll pay attention to the marvelous things they're doing with the turkey carving. we have 6,000 pounds of turkey here, believe it or not, 1400 pounds of green beans, 1600 pounds of yams. it's been cooking for 4-1/2 days around the clock back in that lovely little kitchen of ours. and all that work did not disrupt the usual activities, 360 meals, 400 sandwiches for homeless people. they're still baking the brownies cakes and cookies. 300 delivery routes, 500 volunteers, 6100 meals to seniors and shut-ins. the meal, ro
responsibility to work together with congress and find a solution to avert the fiscal cliff. >> reporter: and they say it's now up to the president to find a plan that can pass both chambers of congress. so now that each side has rejected the other's first offer, it's going to be interesting and important to watch the timing of the next offer on the part of the white house to really try to figure out, terrell, how far both sides are willing to take us toward that cliff. >> and which side has the edge at this point. susan mcginnis in washington this morning. thank you so much. >>> iran says this morning it's captured a united states drone flying over iranian air space. the drone was reportedly gathering information over the persian gulf when it was captured by iranian naval units. in 2011, iran brought down a cia drone. >>> at the united nations, the general assembly approved the resolution that calls on israel to open its nuclear facilities for inspection. the resolution calls on israel to join the nuclear nonprolivelation treaty. it's widely believed israel has a nuclear arsenal, but th
with congress and find a solution to avert the "fiscal cliff." >> reporter: and they say it's now up to the president to find a plan that can pass both chambers of congress. susan mcginnis, cbs news, washington. >>> time now 4:40. santa comes early for some facing foreclosure. the promise being made to certain people struggling to keep their homes. >> plus the white house's worst fears. what the syrian government may try to do to its people. >> but a beer run gets ugly as fist flies. the suspects and the struggle coming up after the break. clerk got into a fist fightr beer. surveillance video shows a man apparently steag two cases of beer from the s statio >>> a south carolina convenience story lines clerk got into fistfight over a case of beer. a man is shown stealing two cases of beer from the gas station. you see the store employee trying to get it back. they struggle. the beer spills and at one points they raise fists and go at it. police have not caught anyone and the beer was a total loss. >> it looked like it spilled all over the pavement. >> wants his beer back. >>> speaking
the so-called fiscal cliff. this morning president obama will host some of the nation's governors to spread his message. the president wants to raise 1.6 trillion in revenue by increasing taxes on the top 2% of income earners. republicans counted with a 2.2 trillion dollar deficit reduction plan, 800 billion dollars in revenue, but didn't call for raising tax rates on wealthy. the proposal was quickly ejected with the white house. >>> new -- rejected by the white house. >>> new poll shows -- gallup asked americans to rate honesty and ethical standards car salesmen got lowest marks 8% marked them high or very high. congress is just above them, only 10% scored in the top two categories to be honest. journalists 24%. top of the rankings, nurses, 84% of americans gave them the highest marks and of course meteorologists right behind that >> i was going to say even though it is not darn -- not a 100% science -- [ talking over each other ] >> 100% science that has accuracy, a little less -- okay stop digging. [ talking over each other ] >> they didn't rate meteorologists i wonder who is
that would cease paychecks and health benefits for all members of congress and the president until the fiscal cliff is avoided. unlikely, but a reflection of voter frustration as both sides dig in. the white house demanding higher tax rates for the top two tax brackets and republicans refusing. after refusing the proposal last week, house republicans offered an outline for $2.2 trillion in deficit reduction mostly through spending cuts, and while president obama would not answer questions about the counterproposal -- >> no deal better than a bad deal, sir? >> thank you. >> reporter: -- a senior white house official assailed it as a step backwards saying if republicans do not agree to some higher rates for wealthier taxpayers, the nation will go over the cliff and the american people will hold the republicans responsible. wall street remains optimistic a deal will be struck, so the lack of progress has not yet resulted in a market plunge, but some economists estimate that because of the uncertainty posed by the fiscal cliff, at least 200,000 fewer jobs have been created this year. and, diane,
. the peabody people are watching i'm ready to submit. what's everybody talking about? >> the fiscal cliff. >> stephen: fiscal cliff, yeah. >> trillions of dollars of spending cuts and tax increases that are going to happen when the ball drops on new year's eve unless president obama and congress come to some sort of compromise. >> stephen: all right so, we're all doomed. >> it's like the movie thaw you have to either cut off your arm or die. so they will come-- they will cut off their arm. >> stephen: do you know, do you know what kind of ratings the news could get if they could get politicians to cut off their arms on camera? okay. -- (cheers and applause) >> stephen: as i said senior white house correspondent for abc news. the only news anybody watches any more. >> i think that's true. >> stephen: and you have got eye new book here called the outpost, an untold story of american valor. this is about the war in afghanistan. >> it's about one combat outpost in afghanistan, 14 miles from the pakistan border, built at the bottom of three very steep mountains, built in 2006. and overrun in 2
left to make a deal before the country hits what's called the fiscal cliff. that's a combination of across the board tax increases for everyone, coupled with cuts in spending like defense, education, health care, and housing assistance. let's go live to our chief white house correspondent jessica yellin with the very latest. jessica? >> reporter: president obama has now personally turned down speaker boehner's opening offer to avert the fiscal cliff. he did it in a tv interview. what does president obama think of speaker boehner's proposal to avert the fiscal cliff? >> unfortunately, the speaker's proposal right now is still out of balance. he talks about $800 billion worth of revenues but says he's going to do that by lowering rates. when you look at the math, it doesn't work. >> reporter: he won't agree to eliminate a tax deduction for contributions to charity. >> every hospital and university and nonfor profit agency across the country would find themselves on the verge of collapse. so that's not a realistic option. >> reporter: but the president didn't say all this to speaker
with congress to work on a solution to the fiscal cliff. in the afternoon they will meet with house speaker john boehner and governor jerry brown is not in that group. >>> tara is back, you know all about our commute, what is happening in pacifica. >>> well, to the northport tall bridge, they are able to stabilize that weak spot. right now we will take a live look headlights are flowing nicely as you make your way towards the mcarthur maze. up next, we have 880 up near the oakland coliseum, same story staff is flowing very nicely. it is dark up there but take my word for it, traffic is flowing nicely, 5:07 let's check with steve. >>> ukiah announced they can't hold a candle to what was there. heavier amounts will not be to the north. any rain on already saturated soil will need to be watched. one to two will cover it, i think this system will weaken considerably. it doesn't mean we will not get more rain. the pattern will change, there could be some morning drizzle in some of the higher elevations and rain in the north bay, you can see it there having returns near clover dale, winds near clover
:44. the back and forth continues in washington between congress and the white house over the so-called fiscal cliff. this morning president obama will host some of nation's governors to spread his message. the president wants to raise 1.6 trillion in revenue by increasing taxes on top 2% of income earners. republicans countered with plan it would raise 800 billion dollars in revenue but doesn't call for raising tax rates on the wealthy the proposal was quickly rejected by the white house. >>> if you plan to fly anywhere for the holiday, book your flight right away. >> here's jane king with the bloomberg business report. >>> good morning. if you are thinking of flying over the holidays and don't have a ticket yes, book fast. airfares are up 4% compared to last year now that advanced purchase window can keep costs down if you buy 21 days in advance. if you are looking to save, christmas day airfares are cheaper along with december 27th and 31st, 17th and 18, may be good. congress gearing up to overall haul student loan debt collection wisconsin representative expected to introduce a measure thi
is. plus, governors are warnings that a failure to reach a deal on the fiscal cliff could mean havoc for state economies. they're telling congress to get together and get something done. i'll talk with two governors who met the president just a few hours ago, but first in today's money minute, here's a look at the markets. ♪ ♪ mom? dad? guys? [ engine turns over ] [ engine revs ] ♪ he'll be fine. [ male announcer ] more people are leaving bmw, mercedes and lexus for audi than ever before. take advantage of exceptional values during the season of audi event. gives you a low $18.50 monthly plan premium... and select generic hypertension drugs available for only a penny... so you can focus on what really matters. call humana at 1-800-808-4003. five days later, i had a massive heart attack. bayer aspirin was the first thing the emts gave me. now, i'm on a bayer aspirin regimen. [ male announcer ] be sure to talk to your doctor before you begin an aspirin regimen. [ woman ] learn from my story. you won't take our future. aids affects us all. even babies. chevron is working to stop m
to deal with the fiscal cliff, and our long term deficit challenges. we have yet to see even an acknowledgement of republican leaders of the fact that there is no deal that does not include rates going up on top earners. as the president said in the interview you cited and said before, he doesn't hold the position because it's inherently good orments to punish wealthy americans, but holds it because it's mathematically sound. it's an absolute fact there's no way to achieve balance in a broad deficit reduction package, a balance that requires significant revenues without rates going up on top earners. you cannot achieve it through promised closing of loopholes or capping of deductions, and you certainly can't achieve it through the kind of vague proposal that we see from republicans which contains no specificity whatsoever, not a single deduction named or loophole identified to be close so rates have to go up. the president believes that, and it's part of the proposal that his team put forward to congress that we need to have a frame work here that envisions dealing with the f
them as we near the fiscal cliff. twitter blogs, e-mail blasts, just yesterday the president invited his backer to a twitter town hall and now he's urging them to post their stories as well as their demands to congress on social media. let's bring in eric, associate publisher of social media magazine. >> it's good to be here. thank you for having me. >> the white house has said they've already gotten 200,000 responses to my2k and the reason they say that if the tax cuts expire. if you search the feed, did you find as almost as many counter comments as supportive comments. so it begs the question, is twitter a way to kind of unite an army of supporters? >> absolutely. technology is changing the art of persuasion. what everybody -- look at history. look at history just a few weeks ago. this guy won the white house with technology. we talked about it here before. he used technology to get re-elected. he used it to get in the first time. the only difference that he's doing this time that he didn't do the first time is he is making sure he doesn't tone down the machine. now for the very f
to congress. january 1, 2013, new tax rates and rolls kick in. january 2, 2013, $110 billion in fiscal cliff spending cuts due to begin. march 27, 2013, funding of the federal government expires. august 1, 2013, white house's suggested deadline for resolving major changes to the tax code and entitlements. ron has this to say about the fiscal cliff -- let's hear from ray in philadelphia, a republican caller. caller: good morning. i think the republicans have to get out a better message. if we realize we ran out of money for all the programs we are having, what is going to happen in another 10 years? what happens is, these people earning more than $250,000, they worked from the age of 18 to move up the ladder and finally reached success. the pint the republicans have to make is it is time to lower taxes on middle-class families. it has reached a pinnacle. it is time to may be lower taxes on the middle-class. we have to cut spending because the economy is in such bad positicondition. democrats keep pointing out that 98% of businesses are less than $250,000. 98% of people working in those busine
's the first part of the fiscal cliff. the second part of it is the spending decrease that this congress and the president agreed to the last summer to say we dramatically increase spending, we have to reduce that spending. that spending decrease that was agreed to had a deadline by the end of this year. if there didn't there would be across the board cuts. the house passed our spending decreases in may. the senate has yet to pass any. with that we're stuck with across-the-board cuts that will be in early january. and the tax rate for all americans. in 2001 and 2003 and then extended during the lame duck of 2010, every americans' tax rates were extended out to expire the 31st of december. every tax rate from the lowest to the highest is set to go up. some people see the problem is we're not taxing enough and so that solves the problem. to just go off the fiscal cliff and everyone will be taxed more. some say we don't take from some group and give to the other. some say go to the clinton tax rate. we had a booming economy and creating more jobs. if increasing taxes increases economic acti
federal spending cuts unless congress and the president act so-called fiscal cliff. on the senate floor today, top senate democrat, here he was, harry reid, said the republican counteroffer unveiled yesterday is a serious proposal. reid called the offer a nonstarter. his word. but a serious proposal nonetheless. in an interview just today with bloomberg tv, president obama did not reject the gop offer outright. officials have called it a step backward, not worthy of a counteroffer. but, you know, bottom line here, you have two sides they appear to be pretty far apart with no new negotiations happening at least not to our knowledge. so, with me now from capitol hill is representative peter wel welch. democrat from vermont. good to see you. thanks for coming on. >> thank you. >> so let me just pose this one to you. you just heard harry reid, would you agree with harry reid the plan offered yesterday by that house speaker is, quote unquote, a serious plan? >> well, you know, i don't know the details of it. it is $800 billion supposedly in revenues and it is a lot of medicare cuts but not s
, at least our former members of congress here. do they cut a deal, congressmen? to avoid the fiscal cliff before we actually get there? >> i believe so. >> senator? >> yes, as long as you realize that the treasury secretary sets withholding taxes, he doesn't have to raise it even if the taxes go up and the sequester doesn't have to happen month by month. you can do the sequester in the last month of 12 months if you want. so it gives the congress anotherality or nine -- probably four or five month the next year before they have to reach a deal. >> you're thinking they could kick the can down the road but who thinks the market's not going to let them do that? they'll be punished. >> they'll be hugely punished. >> sooner rather than later? >> immediately. >> we haven't seen it so far. >> >> the herd will turn. erskine's got a very famous line that says, we got away with it last time because we had the best-looking horse in the glue factory or whatever he says. we're not going to get it passed this time. >> we're not going to get it passed. no. >> the president doesn't want a deal. >> we wil
to congress, we need a framework that envisions dealing with the fiscal cliff and the deadlines we face at the end of the year but also recognizes that broader entitlement reform, broader tax reform would probably take more than the few weeks we have remaining here at the end of the year and that should be part of a process next year. but rates are going up, they have to go up. it's part of what we have to do in dealing with deficit reduction. he will not accept a deal that has specific cuts in spending, specific cuts in entitlement programs that asks middle class americans, seniors, college students who need loans, families with disabled children, to sacrifice, to pay a price, on the one hand and the promise, the vague promise, the unspecified promise of some magical revenue that will appear from wealthier americans in the future. that is not a deal this president will sign. >> i understand the process and what the white house is looking for from republicans but in asking about the president, is it his position that the top tax rate has to go to 39.6%? >> he will not sign an extension
more. going over the fiscal cliff could cost america jobs. >> we're only expanding 2% right now. it needs to be considerably higher to bring more people off unemployment. >> reporter: for the jobless, president obama is asking congress for millions more. and more on the president's plan which will pitch to governors today largely spares social security and medicare. >> tracie potts for us in washington, thank you. >>> now to the crisis in syria. new reports that the white house and its allies are weighing military options to secure syria's chemical and biological weapons. president obama and secretary of state hillary clinton both issued warnings to syria monday after intelligence picked up signs the assad regime might be making preparations of some kind with its large stockpile of chemical weapons. >> i want to make it absolutely clear to assad and those under his command the world is watching. the use of chemical weapons is and would be totally unacceptable. and if you make the tragic mistake of using these weapons, there will be consequences and you will be held accountable.
and the president until the fiscal cliff is avoided. unlikely, but a reflection of voter frustration as both sides dig in. the white house demanding higher tax rates for the top two tax brackets, and the republicans refusing. after rejecting the obama administration proposal last week, house republicans offered an outline for $2.2 trillion in deficit reduction, mostly through spending cuts. and while president obama would not answer questions about the counterproposal -- >> no deal better than a bad deal, sir? >> reporter: -- a senior white house official assailed it as a step backward, saying if republicans do not agree to some higher rates for wealthier taxpayer, the nation will go over the cliff, and the american people will hold the republicans responsible. wall street remains optimistic a deal will be struck. so the lack of progress is not yet resulted in a market plunge. but some economists estimate that because of the uncertainty posed by the fiscal cliff, at least 200,000 fewer jobs have been created this year. the official deadline is december 31st at midnight when the ball drops in times
that fiscal cliff. can they do it, will they do it. our political panel tackles that next. and with photo stream, you can share all the photos you want, with just the people you want. it's as easy as pie. mmmm .. pie. the distances aren't getting shorter. ♪ the trucks are going farther. the new 2013 ram 1500. ♪ with the best-in-class fuel economy. engineered to move heaven and earth. ♪ guts. glory. ram. ♪ have led to an increase intands clinical depression. drug and alcohol abuse is up. and those dealing with grief don't have access to the professional help they need. when you see these issues, do you want to walk away or step up? with a degree in the field of counseling or psychology from capella university, you'll have the knowledge to make a difference in the lives of others. let's get started at capella.edu >>> good morning and thank you for being with us today. i'm carol costello. it's just about 30 minutes past the hour. time to take a look at our top stories. >>> didn't take long for the u.s. to respond to iran's claim it captured one of our drones. a defense official sayin
. all right. yet another big corporations rushing to avoid a huge tax bill on t fiscal cliff. oracle said it uld pay tree of next year's dividends this year. taxes on dvidends are s to go from 15% to as much as 43% next year unless congress changes the law. the big winner tonight oracle ceo as the company's largest shareholder you will get nearly $200 million i today's deal and will avid about 60 million in taxes. he did not vote for today's exhilarated payout. he sure does profit from it. a lot more still to come, including a small business owner who says she feels helpless aft superstores a the and the government is doing nothing toelp her. the proof is in the pudding. albert done a new report showing a tax hikes on the bridge backfired in britain. we will politicians here techno? stay with us. [ male announcer ] if you're eligible for medicare, now is a good time to think about your options. are you looking for a plan that really meets your needs and your budget? as you probably know, medicare only covers about 80% ofour part b medical expenses. the rest is up to you. so consider
parents has dropped off the face of the earth or maybe the fiscal cliff. the families still face the same challenges every day. a new poll finds that an overwhelming 86% of voters say it's important for congress to consider new family friendly laws like paid sick days and family and member legal insurance. ultimately these are critical pocketbook issues. our next guest is championing family friendly legislation for years but says there is no reason to be hopeful. let's bring in working mom and ceo carol evan, the latest issue of working mother magazine is now out. carol, thanks for being with us. start with the issue you're focused on right now. the united states is the only developed country in the world that doesn't have paid maternity leave. i know you all are really pushing for paid parental family leave. i think the moral and ethical and sort of personal case for that is pretty clear-cut. a sticking point has always been the business community. so how do you make the case to the business community that we should have mandatory paid paternal leave? >> actually, the business case has b
sports cliff. let's just put it that way. it may seem like fiscal fears are subsiding, but you must still be a little cautious here. i'm optimistic for legislation if congress doesn't take a vacation, and until compromise is made, i'll try to spot some winners that are bounce-backers, if you stay with us, no vacation, congresspeople and president, until legislation. the new mantra. besides rise above. >>> he's counting down the top stocks to play ahead of 2013. break out the party hats and stick around to find out how you can have yourself a very well see new year. and later, if the shoe fits? fashionable footwear maker deckers surged on the street today. the stock is still well off its highs but is today's move your signal to slip back into its shares? kremer is trying it on for size, just ahead, all coming up on that money. >> don't miss a second of mad money. followed jim kramer on twitter. have a question, tweet kramer hashtag mad tweet. send g-men e-mail to mad money at sea nbc got, or give us a call at 1-800-743-c nbc. miss something? had to mad money got see nbc.com. >>> novelty is
officials would behave like in these fiscal cliff discussions, 28% said responsible adults. 67% said spoiled children. spoiled children. low ethical standards. if ever there was a time for elected officials to step up and prove they don't deserve that reputation, well, it would be now. house republicans today did offer a counter proposal on the fiscal cliff. their plan, $2.2 trillion deficit savings over the next decade, but it does not include higher tax rates for the wealthy. the house speaker john boehner calls it a credible plan that deserves serious consideration by the white house. guess what? the white house released a statement tonight saying the plan is nothing new, that it lowers rates for the wealthy and sticks the middle class with the bill. so to borrow a phrase, we're nowhere. period. david walker is president and ceo of comeback america initiative. he's made it his mission to promote fiscal responsibility. he joins us along with cnn political analyst, david gergen. the house republicans put forward their counter proposal. speaker boehner says it's credible and the white house
. thank you very much. ashley: the president meeting with governors on the fiscal cliff, we spoke to the governor herbert earlier but as the clock ticks down for january 1st, is the president wasting time? the next guest thinks so. douglas holtz-eakin will be joining us next. tracy: look at today's winners and losers on nasdaq as we head to break. is netflix up top again, green mountain coffee doing okay as well and your losers, wind and resorts, we were just talking about those casinos. we will be right back. ashley: president obama digging deeper on its fiscal cliff stopped earlier today saying we won't cut our way out of this deficit and it starts with raising tax rates on the wealthy but my next guest says this rhetoric could drive us right over that cliff. joining me now is douglas holtz-eakin, former director of the congressional budget office. and it -- you know your numbers, we know the fiscal cliff is going to have a huge impact if we go over it on this economy. before we get into the details are we in real danger of doing that? >> absolutely. this is an enormous heights
congress and the president have agreed on a huge deficit reduction package. it's called the fiscal cliff. so, you know, in my darker moments, i think we're going over it, and what if we went over it and the world didn't end? that would be kind of interesting. we'd take a big bite out of the deficit and everybody's taxes would go up, but i think the sun would come up tomorrow. >> huh. >> we may find out. >> okay, little orphan annie. >> so, gene, do you think right now that's you advise the president to do if the republicans don't come forward with more specifics? >> if i'm advising the president right now i'm advising him to wait a while. and that maybe when we get closer to the date, the calendar will concentrate the minds of many people in washington and a conversation will be more fruitful. >> all right. >> okay. eugene robinson, thank you. >>> still ahead, the former british prime minister tony blair joins us next. >>> and next, the "national journal's" ron fournier tells us his touching cover story next. you're watching "morning joe" brewed by starbucks. americans are always ready t
as a problem. >> as part of our series looking at the so-called fiscal cliff fleming, we look at different aspects of it. today we turn our attention to the alternative minimum tax and the pack that could come from congress if they're able to work out a deal. if they do nothing come of this will impact 30 million americans. joining us to discuss his georgetown laws, john buckley. thank you for being here. john buckley, let's begin. what is the alternative minimum tax? >> guest: in simple terms, the alternative minimum tax requires you to pay the greater of what you pay under the tax overshoot compute under the minimum tax, which has a slightly broader base. it disallows some deductions that would be allowed. in some respects, it is very similar to the tax on itemized deductions being discussed rather than directly attack preferences and expenditures, it essentially puts an overall cap on the benefit. there's no new ideas in this debate. the cap is a very strong relationship. >> curious form 625 from the irs for the 2011 tax preparation. here is part 1, the alternative minimum taxable incom
what was going on. so for the fiscal cliff negotiations so far it really is serious stuff because the last thing we can afford right now is another 2008 debacle where people lose their shirt because the federal government -- the politicians here members of congress can't get their act together. but at any rate, you had one plan on the table. the president's plan. republicans saying the president -- there are too many questions and there's not enough specificity and -- baloney. president put out a plan about a year ago. it is in print. it is online. the president has a very specific plan. the republicans who didn't put anything on the table who had not countered with anything concrete at all. in fact, yesterday at our briefing, before boehner released his counter plan, jay carney said again that all you hear from the republicans are vague promises. >> you're making vague promises about achieving revenue through capping deductions or closing loopholes simply doesn't add up to a serious proposal. >> bill: so then y
a dozen governors are headed to the white house to talk about the fiscal cliff. they will tell the president that failing to come to an agreement will leave the states with the bill. after that they'll be going on to meet with some of the leaders in congress to make their same points there and we'll see what happens out of this. the markets have been watching just about every headline and trying to see what happens on this physical cliff issue. the "doubt" futures are up about 21 points. yesterday, though, we saw the markets close at the lows of the day. the dow down about 60 points on some of these concerns that, again, all of these issues still have quite aways to go before they reach any sort of deal. >>> overseas in asia you can see that the markets there, there were some marginal gains when you look at the hang seng. and the shanghai was up by 0.8, and in korea, it was down. and in europe, the green arrows, and the biggest gains in france with the cac up 0.75%. >>> facebook looks to grow its mobile business. julia boorstin has the news and what it means for the social netw
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